Northpoint Commerce Industrial Park Portfolio in North Orange County Sells for $22.8 Million

FULLERTON, Calif. – May 11, 2018 –  A pair of Class A industrial assets collectively deemed the Northpoint Commerce Industrial Park Portfolio in Fullerton (Orange County), California have sold for $22.8 million. Duke Realty acquired the portfolio totaling 119,431 square feet (sf) from a private seller that was advised by MidPacific Asset Advisors. Boasting an A+ location, the properties consist of the two buildings at 500 and 700 Burning Tree Road situated on nearly 7.5 acres within the 47-acre master-planned Northpoint Commerce Center in North Orange County.

Jeff Chiate, Rick Ellison, Mike Adey, Jeffrey Cole, and Ed Hernandez of Cushman & Wakefield’s Capital Markets services in Orange County represented the seller in the transaction. Randy Ellison also of the firm’s local office provided market advisory.

“The portfolio boasts one of the top logistical locations in Southern California, bordering Los Angeles and Orange counties, ideal for last mile e-commerce distribution,” said Mr. Chiate. “The buildings are 100% leased to two exceptional tenants, Iron Mountain and Sunrise Produce, which each have several years of term remaining on their respective facilities. Iron Mountain has occupied their facility since it was built in 1991 and owns the adjacent building, both of which are indicative of their commitment to Northpoint Commerce Center. While Sunrise Produce signed a long term deal in 2015 and has invested significant capital into the building.”

He added, “With these reasons and more, the properties created a tremendous investment opportunity for a buyer looking to broaden and strengthen the composition of their industrial portfolio.”

500 Burning Tree Road consists of a high-quality, single-story warehouse-distribution building with partial two-story office space, totaling 61,726 sf on 4.55 acres. 700 Burning Tree Road consists of a single-story state of the art warehouse-distribution building totaling 57,705 sf on 2.87 acres.

The properties are strategically located in North Orange County and provide direct access to all major freeways via the I-5 and SR-91, both less than three miles away. Also, the Ports of Long Beach and Los Angeles, the largest port complex in North America, is situated only 25 minutes to the west of the properties.

According to latest market research from Cushman & Wakefield, the Fullerton industrial submarket reported a vacancy of just 0.8% in the first quarter of 2018, one of the lowest levels countywide. The submarket was also the strongest occupancy growth area in the county to start 2018 with 166,000 sf of net absorption in the first quarter.

 

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2018-05-11T11:18:49+00:00 May 11th, 2018|0 Comments

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